- For energy, China has agreed to increase its buying of US energy products – including crude oil, LNG, refined products and coal – by US$18.5 billion in 2020 and US$33.9 billion in 2021, relative to the 2017 levels.
- Across 2018 and 2019, exports of both oil and gas fell – and in the case of 2019, drastically as China slapped import tariffs of 5% on US crude and 25% on US LNG and NGLs.
- On a surface level, this would means that China would need to triple its purchases of US oil and gas to meet its Phase 1 trade pledges.
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